Accel and AVP just dumped over 1 Cr shares of Amagi in block deals worth ₹587.3 crore. This quick exit comes right after the SaaS firm's IPO lock-in expired and its stock surged 89% since January. Mutual funds like SBI MF and HDFC Life aggressively bought up the discounted shares.
How We Got Here
Amagi listed its shares on the bourses in January this year, trading at a muted price initially. The stock's impressive 89% run-up since then, fueled by strong Q1 FY27 financials, made this exit window attractive post lock-in.
The Numbers
- Accel's two entities (Mauritius-based) offloaded 54.6 Lakh shares combined; AVP's Trudy Holdings and AVP I Fund sold 50.3 Lakh shares.
- The shares traded at ₹560 apiece, a 3% discount to Amagi's closing price on Thursday.
- SBI Mutual Fund purchased 50.9 Lakh shares, becoming the largest single buyer in the block deal.
- HDFC Standard Life Insurance Company bought 17.9 Lakh shares; ICICI Prudential Mutual Fund picked up 9.3 Lakh shares.
What Happens Next
🇮🇳 Why This Matters for India
For founders considering public listings or secondary sales, this shows the appetite from domestic institutional investors for profitable Indian SaaS plays like Amagi.
The Take
This isn't just VCs cashing out; it's a critical stress test for India's public markets absorbing a large tech secondary. The rapid absorption by domestic funds, even at a slight discount, suggests a growing depth and maturity in the market.
Source:
Inc42 ↗